Ithaca Housing and Affordability

At this rose cafe talk I learned more about the history of the buildings in Ithaca. I didn’t realize how relevant this was to me until we started discussing rent prices and how they are continually on the rise each year. As a sophomore, I witness friends struggling to find a place within their budget in collegetown. Mr. Schroeder mentioned how if Cornell lowered its dorming fees, then collegetown landlords would have to lower their rents as well to compete with housing rates. I never thought about this, but it makes sense. However, we also discussed how Cornell does not pay the property taxes like the rest of Ithaca does since the institution brings great revenue to the city. I find it interesting that even though Cornell can afford to pay these taxes, it chooses not to. In fact most large institutions I learned, do not have to pay certain taxes like Cornell. Another important point that was brought up was the height of the new buildings constructed. Theoretically, if more floors were built, housing availability would increase and rent would decrease creating a win win for landlords who have more tenants and tenants who pay less. However, Ithaca sets a limit on the height of buildings partially because the land underneath the buildings are unstable for high buildings and also because there is a certain “sweet spot” at which buildings can be of maximal profitable use. Overall, this rose cafe talk was quite eye-opening, I learned new interesting information about not just Ithaca’s infrastructure, but the logistics behind the way housing and affordability in general.

One thought on “Ithaca Housing and Affordability

  1. This is very interesting. I wonder if once the off-campus housing prices reach a certain point, Cornell will lower on-campus housing prices to compensate. However, even though living on campus is pretty expensive, many students still want to live here for the convenience (and food). Therefore, I’m guessing they won’t be lowering the cost of housing anytime soon.